by yasiradnan94 | Apr 21, 2022 | Accounting, Advice, Business, Financial planning, Tax planning, VAT
Contract termination fees can be a bitter pill to swallow when you just want out of an expensive agreement. What’s worse is that some suppliers will charge VAT on top of the cancellation fee while others will not. The law has been a bit of a mess but HMRC has...
by yasiradnan94 | Mar 22, 2022 | Accounting, Advice, News, Small Businesses, VAT
The hospitality and tourist sectors have been supported through the Covid-19 pandemic by being able to pay a reduced amount of VAT to HMRC in respect of most sales. The reduced VAT rate was 5% from 15 July 2020 to 30 September 2021 and 12.5% from 1 October 2021 to 31...
by yasiradnan94 | Jan 7, 2022 | Accounting, Tax planning, VAT
Currently if you pay your VAT bill late you may receive a penalty of up to 15% of the late paid amount, even for a one-day delay. The Government agrees that this is harsh, so it is reforming the late-payment penalties for VAT periods starting on or after 1 April 2022....
by yasiradnan94 | Sep 27, 2021 | Small Businesses, Tax planning, VAT
The hospitality and tourism sector has been enjoying a reduced rate of VAT (5%) since 15 July 2020. This rate applies to most supplies made by hotels, tourist attractions, members’ clubs and most events venues. It also applies to the food and drink served in...
by yasiradnan94 | Sep 10, 2021 | Advice, VAT
HMRC has recently issued guidance which provides much anticipated clarification on the covid testing services and their liability to VAT. Further details can be found below....
